From Crain’s Chicago Business | General Growth Proterties is seeking an extension on a $169 million loan on Water Tower Place as it works to emerge from bankruptcy.
Get the full story: chicagobusiness.com
Filed under: Bankruptcy
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Owner of Water Tower Place asks to extend loan
Judge: Hartmarx can settle claims against lenders
From the Chicago Daily Herald | The bankruptcy judge in Chicago yesterday gave Hartmarx Corp. approval for a settlement with secured lenders that will bring in $750,000 cash while releasing $2.25 million being held aside for professional fees.
Get the full story: dailyherald.com.
Tribune expected to begin polling creditors
Reuters | Tribune Co modified the description of its reorganization plan on Friday
to add language requested by a bankruptcy judge, likely clearing the
way for the media company to put the proposal to a vote by creditors.
The owner of the Los Angeles Times, Chicago Tribune and New York
television station WPIX was directed by Delaware Bankruptcy Judge Kevin
Carey on Friday to change the description of how it treats holders of
bridge loans.
Tribune Co. bankruptcy plan to go to creditors
Dow Jones Newswires | Tribune Co. won final court approval Friday
to send its Chapter 11 plan out for creditor votes, after the media
giant includes a mention of the latest in a series of management bonuses
it will be handing out this year.
Judge Kevin Carey of the U.S. Bankruptcy Court in Wilmington, Del.,
authorized the Chicago media company to mail out an explanation of its
plan, supplemented by letters from supporters and foes of the
restructuring proposal.
WaMu to meet with shareholders on bankruptcy
Associated Press | Washington Mutual Inc. has agreed to meet with
shareholders seeking information in the company’s Chapter 11 bankruptcy
after a judge threatened to reconsider her decision denying the
appointment of an independent examiner in the case.
With renewed talk of an examiner, a WaMu attorney on Thursday withdrew a
motion to establish discovery procedures in the case and said he would
be willing to meet with parties wanting information.
Hartmarx reaches deal with secured creditors
Chicago Daily Herald | What’s left of Hartmarx Corp. has reached a deal with secured creditors that will raise $750,000 in cash while releasing $2.25 million set aside for professional fees.
The former men’s clothier has been in Chapter 11 for nearly 18 months.
Read the full story: dailyherald.com
General Growth sticks with Brookfield bid
Reuters | General Growth Properties Inc. looks set to proceed with a plan to emerge from bankruptcy, bankrolled by a group led by Brookfield Asset Management, as a deadline for others to submit bids passed on Wednesday, a source familiar with the matter said.
General Growth had set a June 2 deadline for offers. But it can still entertain better bids to either buy the Chicago-based company or to fund it as a stand-alone entity before a court date in mid-July to submit a plan to exit bankruptcy.
Judge postpones ruling on Tribune plan docs
By Michael Oneal | Tribune
Co. inched closer Friday to having the disclosure statement in its
Chapter 11 bankruptcy case approved by a federal judge in Delaware. But it will be at
least next week before the judge actually rules on the document.
At a U.S. Bankruptcy Court hearing Friday morning in Wilmington, Del.,
lawyers for the Chicago-based media conglomerate said they resolved most
issues creditors had raised with the disclosure statement, but still
must deal with objections coming from Wells Fargo, as agents for holders
of a $1.6 billion unsecured bridge loan.
Tribune Co. seeks up to $42.9M in 2010 bonuses
By Michael Oneal | Tribune Co. on Wednesday asked the judge in its bankruptcy case to approve a 2010 incentive bonus plan that could pay out $30.8 million to $42.9 million to about 640 managers, including the company’s top nine executives.
The range is based on the degree to which the company meets or exceeds its cash-flow targets before the end of the year. At the top level, the nine senior officers would split approximately $5.7 million, the document said.
May 25, 2010 at 11:31 a.m.
Filed under: Bankruptcy, Chicago executives, Jobs/employment, Labor, Media, Unions Tribune pursues $14.9M in bonuses for 35 execs
By Michael Oneal
| Tribune Co. plans to pay 35 of its top executives $14.9 million in additional 2009 bonuses, a court filing revealed late Monday, despite pointed opposition to the proposal from several key constituents in its 17-month-old Chapter 11 bankruptcy case.
The company describes the bonuses, devised as two plans, as rewards for steering the company through bankruptcy court while generating total operating cash flow of $494 million in 2009.
The payments would supplement $42.1 million in management incentive bonuses the court allowed Tribune Co. to pay in February to approximately 670 managers, including most of the executives included in the most senior group.
New deal to help Smurfit-Stone exit Chapter 11
By Mary Ellen Podmolik
| Smurfit-Stone Container Corp. said Monday it expects to emerge
from Chapter 11 bankruptcy protection by early summer, now that it has
ironed out an agreement with stockholders who objected to some terms of
its reorganization.
Under the agreement, some of the new common stock of the reorganized
company, which was going to be distributed to the general unsecured
creditors of the company, will instead be distributed to current
stockholders. The original proposal had been opposed by Mariner
Investment Group LLC and Senator Investment Group LP, both of which
acted as investment adviser to funds under management as holders of the
company’s preferred stock, and by the funds and accounts managed by P.
Schoenfeld Asset Management LP and Fir Tree Inc., as holders of common
stock.
Blackstone a possible General Growth investor
From The Wall Street Journal | Chicago-based mall operator General Growth is getting some interest from Blackstone Group LP. In a deal likely to be completed early next week, Blackstone will contribute $500 million to a $6.5 billion proposal from Brookfield Asset Management Inc., Pershing Square Capital Management LP and Fairholme Capital Management, according to sources.
Get the full story: wsj.com.
Bankruptcy judge won’t delay Tribune Co. case
By Michael Oneal
| A Delaware bankruptcy judge on Thursday refused a request by
dissident
creditors in Tribune Co.’s bankruptcy case to delay voting on a proposed
reorganization plan until an independent examiner in the case can
submit his report in mid-July.
But U.S. Bankruptcy Judge Kevin Carey also postponed until May 28
approval of a voluminous document called a “disclosure statement” that
must precede that vote, ordering Tribune Co. to address creditor
concerns that the statement doesn’t include enough salient information
to evaluate the risks associated with the settlement.
Canadian judge OKs Smurfit-Stone Ch. 11 exit plan
Dow Jones Newswires | A Canadian judge explained her reasons for
approving Smurfit-Stone Container Corp.’s reorganization plan, leaving
it to a U.S. bankruptcy judge to make the final ruling on whether the
box-maker is free to emerge from Chapter 11 protection.
Justice Sarah Pepall of the Ontario Superior Court of Justice said
Smurfit-Stone’s scheme of arrangement was fair and reasonable, and had
votes of support from most creditors of the company’s Canadian units,
according to a copy of her ruling filed with the U.S. bankruptcy court.
General Growth revises first-quarter net income
Associated Press via Bloomberg | Mall owner General Growth Properties Inc. said Wednesday that its
first-quarter net income was lower than originally reported this week,
but still increased from last year.
The company, which filed for Chapter 11 bankruptcy protection
more than a year ago, said its net income was $51.7 million, or 16 cents
per share. On Monday, the Chicago company said its net income was $78.4
million, or 25 cents a share.
Get the full story: businessweek.com.
